Slide 1: Q3 2025 Results Conference Call
Q3 2025 Results Conference Call October 30, 2025 Santo Domingo, Chile CAPSTONE COPPER CORP. | TSX : CS | ASX : CSC
Slide 2: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES As a British Columbia corporation and a “reporting issuer” under Canadian securities laws, we are required to provide disclosure regarding our mineral properties in ac
Slide 3: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 19
Slide 4: Today's Attendees
Today’s Attendees Cashel Meagher Raman Randhawa President & CEO SVP & CFO Wendy King Jim Whittaker SVP, Risk, ESG & SVP & COO General Counsel Peter Amelunxen Daniel Sampieri SVP, Technical Services VP, Investor Relations CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 4
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights One of four electric shovels at Mantoverde4 Q3 2025 2025 YTD Quarterly Copper Production (kt) and C1 Cash Costs (US$/lb) 1 Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 70 $2.90 Sulphide Business (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) 60 $2.80 Mantoverde2 15,219 $1.
Slide 6: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q3 2025 Production (tonnes; contained) 55,280 Copper sales of 56,368 tonnes were ~2,600 tonnes above A payable production levels largely driven by timing of sales at Sales (tonnes) A 56,368 Mantos Blancos Realized copper price of $4.49/lb increased $0.10/lb compared B to
Slide 7: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Net Debt1 (US$M) Adjusted EBITDA2 Sensitivity (US$M) Consolidated Attributable ~$3,000 2025E EBITDA 3 3, 4 Cash & Short-term Investments $310 $252 Annual EBITDA with MV-O Run-rate Production 3, 4 Annual EBITDA
Slide 8: Operations
Mantoverde aerial site view Operations Q3 2025 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 8
Slide 9: Mantoverde: Q3 2025 Update
Mantoverde: Q3 2025 Update 2024/2025 Average Monthly Sulphide Plant Throughput (ktpd) Q3 2025 YTD 2025 2025 Guidance Planned Ball mill maintenance motor failure and Chile Copper Sulphide Production (tonnes) 15,219 47,994 68,000 – 80,000 33 power 34 35 and planned Design throughput: 32 ktpd3 30 32 32
Slide 10: Mantoverde Optimized
Mantoverde Optimized A Capital-Efficient Brownfield Expansion 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Feasibility Study $176M Approval of Long-Lead Items Initial Capex for Brownfield DIA Permit Expansion Opportunity Detailed Engineering Sanctioning Construction ~$9,000/t Ramp Up As at San
Slide 11: Mantos Blancos: Q3 2025 Update
Mantos Blancos: Q3 2025 Update Q3 2025 YTD 2025 2025 Guidance 2024 & 2025 Throughput1 Performance (ktpd) Copper Sulphide Production (tonnes) 13,591 39,808 43,000 – 51,000 Confidence in Achieving Design Throughput Rates Copper Cathode Production (tonnes) 1,826 5,250 6,000 – 8,000 Planned maintenance
Slide 12: Pinto Valley: Q3 2025 Update
Pinto Valley: Q3 2025 Update Q3 2025 YTD 2025 2025 Guidance Copper Production3 (tonnes) 9,949 30,960 51,000 - 58,000 C1 Cash Cost1,2 (US$/lb) $3.63 $3.79 $2.55 - $2.85 • Q3 production impacted by throughput restrictions due to water constraints • Grades and recoveries increased q/q to 0.34% and 89.1
Slide 13: Cozamin: Q3 2025 Update
Cozamin: Q3 2025 Update Q3 2025 YTD 2025 2025 Guidance Copper Production (tonnes) 6,145 19,178 23,000 – 26,000 C1 Cash Cost1,2 (US$/lb) $1.51 $1.42 $1.60 - $1.80 • Production increased 2% y/y with continued steady operating performance and higher copper grades • Costs decreased 20% y/y due to higher
Slide 14: Growth & Exploration
Santo Domingo, Chile Growth & Exploration Q3 2025 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 14
Slide 15: Unlocking the Value of the Santo Domingo Project
Unlocking the Value of the Santo Domingo Project Next Phase of a Long-Standing Partnership with Orion Recognizing the Value of Santo Domingo Creating a Partnership Built to Succeed up to $360M total investment 1 $225M cash contribution at FID(2) $75M matching cash contribution Up to $60M conti
Slide 16: Santo Domingo Path Forward
Santo Domingo Path Forward Advancing Remaining Workstreams in Parallel In Progress: Completed: In Progress: Engineering & (2) Study Balance Sheet Optimization Published updated Targeting <1.0x net debt to Progress detailed engineering; Feasibility Study for EBITDA (3) leverage and pursue incremental
Slide 17: Unlocking District Scale Optimization in Chile
Unlocking District Scale Optimization in Chile North Unlocking a new world-class copper district through MV-SD ENAMI Exploration Option exploration program, supported by an expanded $40M exploration budget for 2025 Pacific Sierra Norte Ocean Santo Domingo Existing Mantoverde Mantoverde Desalination
Slide 18: Mantoverde Exploration
Santa Clara Corridor Mantoverde Exploration Mantoverde1 Results from Phase 1 Exploration Program 10 km Program: 30,000-metres, areas adjacent to Mantoverde pit and priority 6 targets located just north of current operation 5 N Highlights: 4 • Higher than expected grades in Brecha Flores sector North
Slide 19: A Clear Path to Transformational Growth
A Clear Path to Transformational Growth Further Upside with Expansions Across the Portfolio Including MB Phase II, MV-SD Cobalt, and MV Phase II 500 $3.75 ~400kt Annual Copper Production (kt) 400 $3.00 C1 Cash Cost2 (US$/lb) ~280kt SANTO DOMINGO1 300 $2.25 MV OPTIMIZED1 200 184kt $1.50 MANTOVERDE1 1
Slide 20: Copper in Top-Tier Jurisdictions in the Americas
Copper in Top-Tier Jurisdictions in the Americas Near-term copper 29 Strong foundation of growth with a Cu 5 assets with long pathway towards Copper lives, in stable ~400ktpa and jurisdictions in the declining unit costs +50% Americas 5 Experienced Balance sheet management team strength and focused
Slide 21: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 22: Appendix
Mantoverde Open Pit Appendix CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 22
Slide 23: 2025 Production, Cost and Capital Guidance
2025 Production, Cost and Capital Guidance FY 2025 FY 2025 Cu Production C1 Cash Costs1 Sustaining Capital Expansionary Capital Capital Stripping Total (kt) (US$/lb Cu) (US$M) (US$M) (US$M) (US$M) Sulphide Business Capital Expenditures Mantoverde2 68 – 80 $1.25 – $1.55 Mantoverde2 $75 $30 $70 $175 M
Slide 24: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at September 30, 2025) As at Available US$M (1) Total Facility Size Interest Tenor As at 30-Sep-25 30-Sep-25 Liquidity(5) Attributable At 30-Sep-25 Revolving Credit Facility $